Denver Investment Advisors LLC reduced its position in Ringcentral, Inc. (NYSE:RNG) by 30.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 16,389 shares of the software maker’s stock after selling 7,305 shares during the period. Denver Investment Advisors LLC’s holdings in Ringcentral were worth $599,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently added to or reduced their stakes in RNG. Ameritas Investment Partners Inc. purchased a new stake in Ringcentral during the first quarter worth $143,000. Fortaleza Asset Management Inc. purchased a new stake in Ringcentral during the first quarter worth $157,000. Invictus RG purchased a new stake in Ringcentral during the first quarter worth $162,000. Amalgamated Bank purchased a new stake in Ringcentral during the first quarter worth $203,000. Finally, Westpac Banking Corp purchased a new stake in Ringcentral during the first quarter worth $214,000. 69.73% of the stock is currently owned by institutional investors and hedge funds.
Ringcentral, Inc. (NYSE RNG) opened at 38.25 on Friday. Ringcentral, Inc. has a 12 month low of $19.35 and a 12 month high of $43.05. The company has a 50-day moving average of $36.42 and a 200-day moving average of $31.63. The company’s market cap is $2.93 billion.
Ringcentral (NYSE:RNG) last released its quarterly earnings results on Wednesday, August 2nd. The software maker reported $0.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.03 by $0.01. Ringcentral had a negative return on equity of 19.59% and a negative net margin of 6.77%. The business had revenue of $119.40 million during the quarter, compared to analysts’ expectations of $118.19 million. During the same period in the previous year, the business posted $0.02 earnings per share. The firm’s revenue for the quarter was up 30.1% compared to the same quarter last year. Analysts predict that Ringcentral, Inc. will post $0.17 EPS for the current year.
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A number of research firms recently weighed in on RNG. BidaskClub cut shares of Ringcentral from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Dougherty & Co reaffirmed a “buy” rating and issued a $40.00 price objective (up previously from $36.00) on shares of Ringcentral in a report on Wednesday, August 9th. SunTrust Banks, Inc. began coverage on shares of Ringcentral in a report on Monday, June 26th. They issued a “buy” rating and a $47.00 price objective on the stock. Oppenheimer Holdings, Inc. increased their price objective on shares of Ringcentral from $33.00 to $45.00 in a report on Thursday, July 13th. Finally, Northland Securities reaffirmed a “buy” rating and issued a $37.00 price objective on shares of Ringcentral in a report on Friday, June 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $39.17.
In related news, Director R Neil Williams sold 22,000 shares of Ringcentral stock in a transaction dated Wednesday, August 16th. The stock was sold at an average price of $39.50, for a total value of $869,000.00. Following the completion of the transaction, the director now directly owns 6,921 shares of the company’s stock, valued at $273,379.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Vladimir Shmunis sold 88,454 shares of Ringcentral stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $34.17, for a total value of $3,022,473.18. Following the completion of the transaction, the chief executive officer now directly owns 386,279 shares of the company’s stock, valued at $13,199,153.43. The disclosure for this sale can be found here. Insiders sold 370,251 shares of company stock valued at $13,175,895 over the last ninety days. 14.53% of the stock is currently owned by company insiders.
About Ringcentral
RingCentral, Inc is a provider of software-as-a-service (SaaS) solutions for businesses to support modern communications. The Company’s cloud-based business communications solutions provide a single user identity across multiple locations and devices, including smartphones, tablets, personal computers (PCs) and desk phones, and allow for communication across multiple channels, including high definition (HD) voice, video, short messaging service (SMS), messaging and collaboration, conferencing, online meetings, and fax.
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